Remington Arms CEO Resigns as Cerberus Awaits Gunmaker's Public Offering
Remington Arms Co., the gunmaker acquired by Cerberus Capital Management LP in 2007, said its chief executive officer resigned, almost a year after parent company Freedom Group Inc. filed for an initial public offering.
Theodore Torbeck, 54, who became CEO in March 2009, will leave Sept. 24 to join Cincinnati Bell Inc., Remington and Freedom Group said today in a statement. Torbeck is also CEO of Freedom Group, the largest gun and ammunition maker in the U.S.
Freedom Group had no immediate comment beyond the statement, a spokeswoman said. The Madison, North Carolina-based company said in an October regulatory filing that it planned to sell shares for as much as $200 million. A Cerberus spokesman, Peter Duda, cited the quiet period in advance of the IPO in declining to comment on Freedom Group’s business last month.
Freedom Group’s brands include Bushmaster, Remington and Marlin. Sales rose 17 percent last year to $848.7 million on consumers’ concern that President Barack Obama would tighten gun control laws, before falling 9 percent in 2010’s first quarter.
Remington and Freedom Group directors will conduct a national search to replace Torbeck, according to the statement. He will become president and general manager of Cincinnati Bell’s Cincinnati Bell Communications.
Torbeck joined Remington as chief operating officer in February 2008. He previously worked as an executive in General Electric Co.’s rail services, industrial and aircraft-engines businesses.
“We are sorry to see Ted go,” Freedom Chairman John B. Blystone said in the statement. “He is a first-class leader and has been instrumental in improving product quality, overall productivity and product development.”